AJ Lucas Group (ASX: AJL) has said that discussions are continuing for an investment into the Bowland shale prospect in Lancashire in the United Kingdom.
The investment could be in the form of a farm-in or similar type investment into the project, which is held 75% by Cuadrilla Resources and 25% by the company, with Lucas saying that it remains confident of a positive outcome.
Recently Cuadrilla Resources said that 'Ongoing technical analysis of the data we have gathered from our exploration of the Bowland Basin Shale in Lancashire has confirmed our assessment that the 1200 square kiloemtre license area holds at least 200 trillion cubic feet of gas.'
Providing a potential boost to the project, the United Kingdom plans t put its support behind shale has exploration which could provide an increase in fuel reserves.
Lucas holds a 44% shareholding in Cuadrilla Resources, which is focused on unconventional hydrocarbons.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.